Indian Gen Zs say they are sorted financially, not worried about planning their retirement
Amid Covid and its impact on life and work, financial concerns were the top worry around the world, including in India. However, with over two thirds of Indian Gen Zs and 8 in 10 millennials feeling confident that they’ll be able to retire comfortably and pay all their monthly expenses, financial concerns are of less importance in the country, compared with the global average, according to Deloitte’s 2022 Gen Z and Millennial Survey.
Soliciting the views of 801 respondents (500 Gen Zs and 301 millennials) from India, the study showcases increased financial optimism amongst Indian Gen Z and millennials.
It also found out that a large proportion - well over half - of Indian Gen Zs (62%) and millennials (51%) have an additional paying job in addition to their primary job.
According to the survey, good work/life balance, positive work culture, and access to learning opportunities are the top priorities for these generations when choosing a new workplace.
The survey also indicates a growing demand for hybrid/remote work arrangements as it helps them save money and allows them to spend more time for a hobby and with their families.
Flexible work opportunity to improve work/life balance
About 19% of Gen Zs and 23% of millennials state that if they were in charge, they would allow employees to work flexible hours and remotely to improve work/life balance.
A third option for Gen Zs would be to experiment with reduced working weeks, but Indian millennials would rather prioritise ensuring that those employees who work part-time have comparable career advancement opportunities to full-time employees.
Growing demand for hybrid work arrangements
Just like the global average, the majority of the respondents would prefer a hybrid working pattern. The survey revealed that 66% of Indian Gen Zs and 67% of Indian millennials would prefer this arrangement.
“With the increasing demand for hybrid work arrangements, Deloitte’s survey reveals that if Gen Zs and millennials were in charge, they would prioritise and allow employees to work flexible hours to improve work/life balance. It has become imperative for all organisations and business leaders to play a role in supporting their employees in setting boundaries to protect work/life balance,” said S.V. Nathan, Partner and Chief Talent Officer, Deloitte India.
Emphasis on environment protection
About 95% of Indian Gen Zs and millennials try to minimise their personal impact on the environment.
Compared with Gen Zs and millennials globally, Indian Gen Zs and millennials strongly agree that large companies are taking substantive/tangible actions to combat climate change and that their national government is highly committed as well.
Most of the Gen Zs (68%) and millennials (72%) have persuaded their employers to act on climate change, which is significantly higher than the global average.
Gen Zs and millennials in India want to see their employers invest in areas, including banning single-use plastic, and providing training and incentives to help people make better environmental choices.
Economic and political outlook
The optimism regarding the economic and sociopolitical situation amongst the Indian Gen Zs is like that in 2020 with about half of the respondents thinking that these situations will improve in the next 12 months.
Top issues of greatest concerns
This year, Gen Zs cited education, skills, and training as the top concerns in India, while Indian millennials are more concerned about unemployment. Additionally, climate change/protecting the environment is the next concern for both groups, which is in line with their global counterparts.